june 2020 - hscpa
TRANSCRIPT
June 2020
The Official Publication of the Hawaii Society of Certified Public Accountants
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The Official Publication of the Hawaii Society of Certified Public Accountants
This publication is designed to provide general information only, and should not be used as a substitute for professional advice. The authors and editors disclaim any liability for any loss or damage resulting from the use of any information or advice herein. Although a reasonable attempt has been made to be accurate, neither the HSCPA nor the authors and editors can guarantee that all information contained herein is correct as of the date of publication.
KALA (the Hawaiian word for money) is published monthly and is the official publication of the Hawai‘i Society of Certified Public Accountants. Please direct all inquiries regarding editorial content to HSCPA, 900 Fort Street Mall, Suite 850, Honolulu, Hawai‘i 96813.
Officers President Darryl K. Nitta
President-elect Edmund N. Nakano
Secretary/Treasurer Chad K. Funasaki
Adrian K. Hong
Frank T. Kudo
Nelson K. Lau
Trisha N. Nomura
Valerie M. Peralto (BIG ISLAND)
Immediate Past President Norman N. Okimoto
AICPA Council Darryl K. Nitta (Designated)
Ryan K. Suekawa (Elected)
Administrative Assistant Debbie Cortes
Graphic Design Underwood Graphics
Hawaii Society of CPAs 900 Fort Street Mall, Suite 850
P.O. Box 1754
Honolulu, Hawaii 96806
Tel: (808) 537-9475
Fax: (808) 537-3520
E-mail: [email protected]
Website: www.hscpa.org
In This Issue President’s Message ................................ 5 By Darryl K. Nitta
COVID-19 Webinar................................. 6 Managing your Job Loss........................... 8 Federal COVID Money........................... 10 By Tom Yamachika
Normalizing Remote Work.................... 12 By Sandra Wiley
60th Annual Conference....................... 14 HSCPA Webinars................................... 15 Norman’s Book Review........................ 16 CPA Firm Microcomputer Technology... 18 By Joy Takaesu
Y-CPA Buzz.......................................... 19 By Jill Ishimitsu
2020 Tax Book Orders......................... 20
4 KALA June 2020
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President’s Message By Darryl K. Nitta
“Embrace the New Normal” from a CPA Practice Advisor article written by Garrett Wagner
and provided to me by HSCPA President-elect Ed Nakano
I am truly honored to have been your Hawaii Society of CPAs President for the past two years. This is my last President’s Message, and by far, the most difficult part of being President was thinking of topics relevant to our profession and communicating that message in writing to everyone! While CPA mobility has yet to be ac- complished, we have accomplished a lot together as a group over my two-year ten- ure at the helm. Let’s take a quick look back at a few of our proud moments.
We started by re-writing the outdated 1932 mission statement that had one fatal flaw. The networking refer- ence to “social intercourse” definitely required removal and replacement. After the approval of the revised mission state- ment by the HSCPA Board of Directors, our highly intelligent and diverse mem- bership was poised to succeed for an- other 85 years in Hawaii as the primary professional organization for CPAs.
The last two accomplishments center around education. My grandparents always believed that education was the key to success. They had five children and committed every dime they earned to ensure each child had a private school education. For my grandparents, it was well worth the sacrifice to see their chil- dren rise above the poverty level that they grew up in as an immigrant family.
Speaking about the importance of educa-
tion, the HSCPA members’ generosity helped to establish the UH-West Oahu (UHWO) CPA Exam Review Course in 2019. The extremely committed profes- sors at UHWO have consistently increased their accounting graduates year after year. With the UHWO CPA Exam Review Course, those accounting graduates
will have a much higher likelihood of be- coming CPAs. The Review Course is a very valuable educational resource if the cur- rently declining CPA pipeline is to rebound.
The highlight of my Presidency was the establishment of the HSCPA Family Schol- arship Endowment. We “challenged” the membership back in 2018 and YOU responded in a huge way! Initial ‘seed’ funding through major contributions by Ed & Diane Nakano, C.S. Wo & Sons Foundation, and American Savings Bank, we created an endowment with the UH Foundation specifically for HSCPA members and their families. Additional funding was made by HSCPA members through the voluntary contributions at dues renewal. Education is so important
to our future success as a profession, and the HSCPA Family Scholarship Endow- ment is a great Legacy Gift to help stu- dents achieve their goals in accounting.
As I conclude my term as HSCPA Presi- dent, I would like to thank everyone for helping it go as smoothly as it did. The HSCPA membership for their support, the HSCPA Board of Directors for unwaver- ing volunteerism, Y-CPA Squad for not instituting mandatory retirement, Kathy & Debbie for unbelievable administrative guidance, C&Y CPAs LLC for the time to serve, and my family for understanding how important the HSCPA is to me. I am very pleased to hand the reins over to Ed Nakano for the next two years. He is a pillar of the CPA community and I can’t think of another person who has more passion for accounting than Ed. He will lead us into the “New Normal” and provide us with continuous insight as an organization. As I drift off into the sunset as a Past President, please continue to do your part to keep yourselves healthy, keep your co-workers healthy, and help minimize the spread of COVID-19. Be Safe, Stay Healthy, and All the Best to You and Your Families. Aloha!
Looking ahead: Ed Nakano is an avid reader of business articles. We will be lucky to get his insights and words of wisdom from a person who has been managing a local business in an ever- changing and challenging environment for many decades.
Mark Vogel, J.D., LL.M. Taxation, CPA
Mark A. Vogel is a retired
professor and director of the
University of Denver Graduate
he taught courses in individual,
fiduciary, tax accounting,
partnership, and corporate
Divorce Taxation Guide (John
Wiley & Sons) and Individual
and LL.M. in Taxation from the
University of Denver College of
Law and an undergraduate
accounting degree from the
University of Notre Dame. He is
also a CPA licensed in Illinois.
REGISTER HERE 6 KALA June 2020
The PPP form may not be as simple and well-organized as intended. This session will provide information you can use to assist your clients in completing the SBA Paycheck Protection Program (PPP) Loan Forgiveness form.
Learning Objectives:
• Determine who falls within the definition of an owner employee
• Determine what is included in payroll costs and non-payroll costs
• Calculate the reduction in an employee’s salary that is used in determining the maximum amount of PPP loan that will be forgiven and how to use the savings clause
• Calculate the reduction in FTE employees in determining the maximum amount of PPP loan that will be forgiven and how to use the savings clause to prevent the reduction
• Explain the entries on the PPP Loan form
• Calculate the bottom-line amount of the PPP loan that will be forgiven
• Explain the documentation required to be attached to the PPP Loan Forgiveness form when the form is submitted to the lender and the SBA for forgiveness
Learn more at dol.gov/FFCRA
You are following a federal, state, or local quarantine or stay-at-home order or
are quarantined by a health care provider
Up to two weeks or 80 hours of paid sick
leave at higher of regular rate or
minimum wage*
leave paid at 2/3 regular rate*
TIME OFF
Up to two weeks or 80 hours of paid sick leave at higher of 2/3
regular rate or minimum wage*
TIME OFF
TIME OFF
You must care for your child whose school, child care
provider, or place of care is unavailable due to COVID-19
You’ve been employed at least 30 calendar days
OR
OR
AND
You have COVID-19 symptoms and are seeking a diagnosis
You must care for your child whose school, child care provider, or place of care is unavailable due to COVID-19
*Paid leave is capped at specific maximum amounts per worker
How much paid leave can
employees take? In general, applies to you if you are an employee of either a private employer with
fewer than 500 employees or a covered public sector employer
You must care for someone under a federal, state,
or local quarantine or stay-at-home order or are quarantined by a health care provider
Quick BENEFITS TIPS FROM DOL
KALA June 2020 7
8 KALA June 2020
Revise your budget and spending
It’s important to start considering your spending and budgeting. Cut the easy ex- penses, such as dining out or a daily cup of coffee and make sure you’re not being charged for services you can no longer use, such as gym memberships, children’s summer camps or sports leagues, or season passes to performances or amusement parks. You may also find smaller savings that will add up if you review cable, phone and internet plans or subscription services.
Check to see if your state or community has implemented rent freezes or talk with your landlord about reducing or deferring payment. You might also consider moving in with friends or family temporarily or taking in a roommate, if feasible. If you have debt, such as a mortgage, car loan or credit card, reach out to your lender to see about loan forbear- ance or interest rate reductions. Current- ly, the federal government has deferred payments and interest accrual on federal student loans. If you can pay those, con- tinue doing so as it will cut down on the interest paid over the life of the loan.
Start your 2020 tax planning
The federal government and [STATE] tax unemployment benefits as ordinary income (like wages), but you do not have to pay Social Security and Medicare
More than 30 million Americans have lost their jobs so far this year. The COVID-19 virus is still a threat and the economy will take time to recover. Things may seem scary or bleak right now, but CPAs from the [STATE] Society of CPAs have tips to help you minimize the financial damage and prepare for a new position and opportunities.
Fill the income gap
There are a few sources of income to consider, including any severance, unpaid time, unemployment benefits and part-time work. Before you leave your current position, ask about severance benefits and compensation for unused vacation or sick days. Details are likely clarified in your employee handbook.
Apply for unemployment benefits imme- diately; it may take some time before you
start receiving benefits. Learn about the process at the Department of Labor’s site labor.hawaii.gov and huiclaims.ha- waii.gov/#. Unemployment benefits last 26 weeks. Also, the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act supplements state unemployment with $600 per week for up to four months. Keep in mind that you can’t receive unemployment benefits if you quit or were fired due to a performance or other problem.
Also look to temporary or part-time positions or start your own business. It will be trickier due to the impact of the current environment, but there may be some options. The Small Business Administration has programs that offer advice to people who want to start their own businesses.
Run the numbers for your 2019 tax return and file your taxes now if you are owed a refund. And be sure to collect your federal Economic Impact Grant, aka “Stimulus check.” The federal govern- ment will automatically deposit payments into the accounts for those who use direct deposit for their taxes. Others will receive checks by mail. You can check the status of your payment at irs.gov.
Managing your Job Loss
Hawaii Practices For Sale Gross revenues shown: Hilo Tax & Accounting $34K - tax work (85%) accounting services (15%); Honolulu CPA Tax $266K - tax work (70%), bookkeeping (20%). For more information, please call 1-800-397-0249 or to see listing details and register for free email updates visit www.APS.net.
Thinking of Selling Your Practice? Accounting Practice Sales is the leading marketer of accounting and tax practices in North America. We have a large pool of buyers looking for practices now. We also have the experience to help you find the right fit for your firm and negotiate the best price and terms. To learn more about our risk-free and confidential services, call Ryan Pannell with The Holmes Group at 1-800-397-0249 or email [email protected].
KALA June 2020 9
taxes. Avoid a surprise tax bill by having up to 10% of your unemployment benefit withheld. You can ask to have taxes withheld when you apply for benefits, or you can file IRS Form W-4V, Voluntary Withholding with your state unemploy- ment office. You’ll receive a Form 1099-G from your state unemployment division next January reporting the total unemployment com- pensation you received for 2020 (and whether you had any state or federal tax withheld from your payments), which you’ll report on Schedule 1 of your 1040 when you file your federal income taxes.
Look for a new job
The job market may be difficult to navi- gate right now, but you should still start your job search. Update your resume
and post it to online job search sites and reach out to all contacts who may be able to help with a job, including col- leagues or supervisors from past posi- tions. Be prepared to talk about the skills and expertise you can offer. Also, join or become more active in professional networks or associations in your field to stay current and make new contacts. In addition, the Department of Labor also offers many resources for job seekers.
Remember, more than 11,000 small businesses in Hawaii have applied for Paycheck Protection Program loans through the CARES Act and must have the same employee headcount on June 30 as prior to the pandemic for loan forgive- ness. So many small businesses will be rehiring.
Look after your mental health
It’s important to remind yourself of the value of taking a break and enjoying yourself. If you give yourself the chance to relax and have fun some of the time, your job search will seem easier. Social opportunities may be limited, but there are still several things you can do to re- main active. Consider taking a jog, walk- ing the dog or riding bikes with children, or use this time to read a new book, develop new skills or learn another language. Free apps, websites and videos can help you refine the skills you have or learn some new ones haven’t had the time to develop. Some of these skills may prove useful in finding a new position or career path.
10 KALA June 2020
Last week our Legislature recessed after working on one of its important tasks: figuring out how to spend $1 billion of federal money that is being made available to Hawaii under the CARES Act.
This federal money is being made available for expenditures that are (1) necessary and incurred due to the CO- VID-19 public health emergency, (2) not budgeted for as of March 27, 2020, and (3) incurred before December 31, 2020.
Senate Bill 75, House Draft 1, gave the
Federal COVID Money
By Tom Yamachika
Neighbor Islands a share of that money because only Honolulu received a direct allocation of federal funds; gave a few state agencies some money for state CO- VID response; and then squirreled away the balance, about $636 million, into the emergency and budget reserve fund (also known as the “rainy-day fund”).
Why was it put there? According to Sena- tor Thielen’s article in Civil Beat, it was put there so the governor couldn’t touch it. Apparently, the plan is for the Leg- islature to recess until mid-June, come back into session, and then appropri- ate the balance of the money so it can
be spent by the end of the year. Senate Bill 75 requires that the money go to a new, separate account within the rainy- day fund, which perhaps would make it easier to say that expenditures out of this account came from the COVID-19 money rather than the $395 million that is already in the fund.
Some have pointed out that the rainy- day fund statute, HRS section 328L-3, not only prevents the money from being spent by the Executive Branch without a legislative appropriation, but also pre- vents the Legislature from appropriating more than 50% of the total balance of the
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Tom Yamachika is President of the Tax Foundation of Hawaii - the ‘watchdog’ that keeps an eye on Hawaii’s taxes. Tom is also the owner of Aloha State Tax, a small law firm with emphasis on State taxes. Prior to going solo and the TFH, Tom was a principal with Accuity LLP where he managed the tax consulting practice, including quality and risk manage- ment and practice development.
Reimaging the profession. Now more than ever, the accounting profession needs to reimagine. That means looking beyond chaos to find opportunity in a new and better normal.
View this video clip from the virtual 2020 AICPA Spring Council Meeting.
fund in a fiscal year. True; if that statute is left alone, it would prevent the Legis- lature from using all the federal money, which would result in forfeiture of some of the federal funds that have been set aside for Hawaii. Thus, the Legislature’s plan must be to also amend the rainy-day fund statute in some way to allow the appropriation. Can they do this? Sure, if the Governor is willing to sign the result- ing appropriation bill.
But remember that the Governor doesn’t have to play by the rules either. We have seen that he isn’t shy about using his emergency powers to suspend laws. His most recent Eighth Supplementary Proc- lamation has a list of suspended laws that is 20 pages long, and we have already written about how this Governor has
suspended a law that affected distribution of tax revenues to take control of moneys that the Legislature had earmarked for the counties. If push came to shove, he could easily suspend the rainy day fund statute and take control of that money as well, relying, perhaps, on HRS section 26-8 which gives the Department of Bud- get and Finance custody of all state funds.
What all of this means is that the Gover- nor, the Legislature, or both could get into a big, messy argument on how to best use the billion dollars that our federal govern- ment has graciously provided. We need to remember that if we don’t reach agree- ment on how to use this money, and then actually use it, by the end of this calendar year that the money will return to (or stay in) the United States Treasury. We can
park the money in the rainy-day fund as a short-term solution, but we don’t have time to argue about it! We need both par- ties to come to the table, come to some agreements and understandings on how best to use this money toward helping the general welfare of this State, and then do it before time runs out.
12 KALA June 2020
It seems hard to believe right now, but just a few months ago, people were arguing that remote work couldn’t be efficient or effective in an accounting firm. Recent events put that theory to the test, and many of those naysayers have changed their tune. Still, it’s essential to consider that even as states and offices reopen, we won’t be going back to “business as usual.”
The nature of work has changed, so now is the time to make remote work the norm!
Why remote work works
Engaged employees are the name of the game if your firm wants to hold on to tal- ent and keep them happy and productive. A study from Stanford University found that compared to employees who came into the office, remote workers were more content, more likely to stay with their employer, and more productive.
Of course, it’s not just about keeping your current team happy. We all know how difficult it has been to recruit talent for the past several years. With remote work, your firm can start building bridges to candidates in other cities and hire the best people without geography standing in the way.
It also allows you to tap into talent be- yond the traditional employer/employee paradigm. The number of self-employed people, independent contractors and gig workers is soaring. For many talented, driven individuals, the idea of answering to a boss and working on someone else’s schedule just doesn’t appeal. They want more flexibility and control over what they
do, when they do it, and who they do it for.
This actually benefits forward-thinking firms that need professionals with very specific skill sets and talents, but don’t have enough work to justify bringing someone on full-time. This includes ac- countants as well as other professionals such as wealth management, marketing, human resources, and other niche pro- fessionals who will make up consulting teams moving forward.
Supporting a distributed workforce
As many firms have learned over the past couple of months, working with remote teams isn’t as simple as handing everyone a laptop. If having your employees work- ing from home recently was challenging, the problem was likely a failure to set ex-
pectations rather than remote work itself.
With a remote team, you’re forced to set objectives and establish key performance indicators and communication frame- works. You can’t measure an employee’s productivity by the fact that you’ve seen them working long hours in the office. It’s easy to feel like your on-site team has accountability for just showing up, but directions are less tangible when people are working off-site.
Here are some strategies and tools you should consider when establishing your remote work policies.
• Decide how you’ll measure productivity. Some people are incredibly disciplined when working remotely. Others need the accountability
KALA June 2020 13
of “clocking in” and making sure they avoid distractions. Whether you track billable hours or the number of engagements or tasks completed, it’s crucial to set expectations and have a method for holding people accountable. What are the key indicators of success for each engagement or project? Get transparency around this, so you’ll know quickly whether individuals are productive or not.
• Standard processes. Without processes, work can easily fall through the cracks. When everyone is in the office, you can compensate to some degree for not having standardized processes simply because people can talk in person and look over each other’s shoulders. In a distributed team, people might develop their own processes and procedures that don’t mesh with the way other people work, which leads to inefficiency and errors. Have a documented, standardized way of working that everyone follows.
• Flexibility with consistency. One of the perks of remote work is being able to work anytime, anywhere, and integrate work and life. An early riser might enjoy sitting down to work at 5 a.m. when they’re most productive. A parent might log off at 5 p.m. but get back online to work for a couple of hours after the children go to bed. It’s important to allow a degree of flexibility, but you also need some consistency. Many firms establish “core hours” that require their team members to be available between, say 10 a.m. and 3 p.m. but allow flexibility outside of that timeframe. This gives
you a shared collaboration window when all of your team is online at the same time and available for meetings or quick questions.
• Promote “water cooler chat.” One of the problems some people face with remote work is feeling lonely or isolated. You need to compensate for the fact that team members aren’t bumping into each other in the breakroom and having casual conversations that help them get to know each other and feel like a part of the team. If you’re not intentional about this, people tend to live in their own world. Use communication tools like Slack or Microsoft Teams and create opportunities for team members to chat formally and informally. You might schedule “coworking hours,” where remote employees spend an hour or so on a Zoom meeting talking while they work. You could have weekly Microsoft Teams chats about weekend plans, what people are reading or watching and other topics.
• Choose the right communication channel. With a distributed team, you need to make sure everyone is communicating enough without it becoming distracting and overwhelming. Having policies for when to use each communication channel helps. For example, you might decide:
Email is for sharing information that doesn’t need an answer, or warrants a response, but not right away. Chat programs are great for quick ques- tions and informal chats.
Sandra Wiley, President of Boomer Consulting, Inc., is a leader in the accounting profession with a passion for helping firms grow, adapt and thrive. She is regularly recognized by Accounting Today as one of the 100 Most Influential People in Accounting as a result of her expertise in leader- ship, management, collaboration, culture building, talent and training.
Video conferencing is for longer back- and-forth conversations or potentially difficult conversations like addressing performance problems.
Project management and workflow tools are for assigning work and delivering feedback. This keeps the conversation organized so you can reference and refer to it later on.
• Set regular meetings. Set weekly video conference meetings within each team to help people feel connected. These regular meetings also help minimize back and forth emails during the week, as people can store up non-urgent questions and handle them all at once. It also helps to hold in-person “all hands” meetings at least once a year.
Remote work is here to stay, so the better you understand the needs and challenges of remote employees, the better prepared you’ll be for the future. I’ve found that building in these remote strategies tends to keep people on the team, and there’s nothing better for productivity than a team that sticks together.
14 KALA June 2020
KALA June 2020 15
We’re still here for you! VIRTUAL EVENTS
Don’t miss our offerings of online events! See a list of all upcoming events with dates, times, guest speaker bio, and more.
August 4 - Understanding State Law - Compliance Guide Hawaii Death Taxation (8:30 a.m. - 12 noon) This course outlines the details surrounding Estate and Inheritance taxes and the differen- tials pertaining to Hawaii. This course will highlight Hawaii’s death tax: Hawaii estate tax exemptions; IRC sections 2031-2058; estate tax exemption portability; tax return Form 706.
August 25 - Individual Tax Planning Ideas (8:30 a.m. - 12 noon) With the far-reaching changes brought about by recent tax reform, careful planning takes on new importance. This course presents the most important income tax planning ideas wealthy clients and close-held business owners need to consider this year to take advantage of the present and plan for the future. It highlights areas in the income tax return that suggest future opportunities for the individual client.
August 25 - Required Minimum Distributions: Compliance and Planning (12:30 - 4:00 p.m.) Required minimum distributions (RMDs) from employer requirement plans and IRAs must be made or steep penal- ties will be incurred. Planning opportunities exist in certain situations to minimize distributions. Also, special rules exist for inherited retirement funds. Your clients depend on you to help them navigate the rules regarding RMDs and the taxation of distributions.
August 26 - Key Partnership and S Corporation Tax Planning Strategies (8:30 a.m. - 12 noon) Most of our clients are pass-through entities for which many of the general business strategies are subject to additional limitations. To provide the tax planning strategies for closely-held business clients that will bring more revenue, this course focuses on the special concerns and techniques the practitioner needs to thrive in this market.
August 26 - Buying and Selling a Business: Tax and Structuring Overview (12:30 - 4:00 p.m.) One of the major transactions CPA clients enter into is a purchase or disposition of a business. This course offers a comprehensive analysis of the business and tax aspects of buying and selling a business. All CPAs, including controllers and executives in the industry, should understand how difficult the process of buying and selling a business has become.
August 27 - Section 199A: Applications and Challenges (8:30 a.m. - 12 noon) Section 199A continues to challenge tax practitioners because of its complexity and its interactions with other provisions of the Internal Revenue Code. This program incorporates the experiences of tax practitioners regarding this provision, including relating to the preparation of the Forms 8995 and 8995-A, and will include any recent IRS guidance regarding Section 199A.
August 27 - Section 199A: Schedule K-1 Reporting by Relevant Passthrough Entities (12:30 to 4:00 p.m.) Section 199A is the hottest tax topic related to the Tax Cuts and Jobs Act of 2017. The IRS has added disclosure lines to Schedules K-1 for S corporations, partnerships, and trusts. This course will cover the new reporting requirements on those forms and discuss uncertainties that still exist related to the reporting requirements.
TAKE YOUR PICK 4-HOUR WEBINARS HAWAII TIME!
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by Yongey Mingyur Rinpoche
16 KALA June 2020
Another one of my “hall of fame” books that can help us get through this COVID-19 pandemic is “The Joy of Living,” authored by the “happiest man in the world” Yongey Mingyur Rinpoche. Rinpoche is a famous Tibetan Buddhist teacher. I reviewed his book in May 2012 and I still incorporate many of the things I read into how I live my life now. With so much more free time on our hands and more uncertainty, challenges and fear in our lives, this book can help us be happier and calmer. I learned how to easily meditate from the book, and it has helped me and others reduce our daily stress levels.
In addition to my book review from 2012 below, Rinpoche has several videos online you can access and watch. The following is a link to his message on the COVID-19 outbreak (COVID-19: Transforming Fear & Anxiety), and the following are links to how to meditate (A Guided Medita- tion on the Body, Space, and Aware- ness with Yongey) and (5 Simple Tips About Meditation with Yongey)
Most CPAs breathe a collective sigh of relief with the end of tax season, after the last tax return or extension is filed. The dedication and long hours to complete our clients, families, friends and personal tax returns stress our personal health and lives. Under this backdrop, I was very
intrigued by the title and picture of this book, and thought it would be perfect for this month’s KALA, right after tax season.
The author is a world-renowned Bud- dhist teacher, often referred to as the “happiest man in the world.” I thought it would be interesting to read how we can be happier and find more joy in living. This book definitely was a BIG WOW!!! I couldn’t believe how informative, insightful, thought provoking, and life changing it was. It became one of my favorites of all-time books and has had a positive effect on how I live my life everyday now. Do I feel hap- pier? Yes! Do I feel calmer? Yes! Am I more thankful for my life? Yes! Here are some of the more interesting thoughts and observations from the book.
The Importance of Laughter Since the essence of ordinary life is suffering, the most effective antidote is laughter, especially laughter at oneself. Your life experiences become brighter, once you learn how to laugh at yourself.
The Importance of Giving Whatever degree a person commits to
the welfare of others, he or she is repaid a thousand fold by opportunities for learning and advancement. Every kind word, every smile you offer someone who might be having a bad day comes back to you in ways you’d never expect.
Repeated Experience Can Change The Way The Brain Works If you put your mind to it, you can elimi- nate mental habits conducive to unhap- piness, and develop habits to achieve happiness. The mind is the source of all experience, and by changing the direction of the mind, we can change the quality of everything we experience.
The Basic Concern Shared By Everyone The basic concern shared by all beings is the desire to be happy and to avoid suffering. Although each of us may have a different strategy, when you think about it, we are all working for the same result. This is our true nature.
Accordingly, when someone acts a certain way or says something we don’t agree with, we have a better understand- ing of the situation and that person’s motivation.
What Is Meditation And Why Is It So Important Meditation in its simplest form is when
KALA June 2020 17
you rest your attention on whatever’s going on in your mind at any given time. All we have to do is rest our mind in its natural openness. No special focus or effort is required. The book goes into good detail on the different ways to meditate. It is much easier than most people think.
Once we gain a better understanding of our mind, our hearts will open up to others like flowers blossoming, we become better listeners, more aware of everything going on around us, and we are able to respond more spontaneous- ly and appropriately to situations that used to trouble or confuse us. Gradu- ally we will find ourselves awakening to a free, clear, and loving state of mind beyond our wildest dreams.
Compassion The more we see things as they are, the more willing and able we become to open our hearts toward others. When we see others experience pain and unhappiness, we are spontaneously moved by a profound wish for them to experience the same sense of peace and clarity that we’ve come to know.
Compassion is the spontaneous wisdom of the heart. It’s always with us…it always has been and always will be.
Happy Mind, Healthy Body Studies have shown there is a strong link between positive mental states and a reduction in the risk or intensity of
various physical diseases. Higher levels of hope and curiosity were associated with a lesser likelihood of having or de- veloping diabetes, high blood pressure, and respiratory tract infections.
Choosing To Be Happy Once we become more aware of our- selves through meditation, we will see
“If there is any religion that would cope with modern scientific needs, it would be Buddhism.”
(Albert Einstein)
“There is real wisdom here. Fresh and clear. Read this book.” (Richard Gere)
changes in ourselves. Things that used to bother us gradually lose their power to upset us, we will become intuitively wiser, more relaxed, and more openhearted. We’ll look at obstacles as opportunities for further growth. We will discover the true grandeur of who and what we are. Best of all, we will start to see our poten- tial and the potential of others.
18 KALA June 2020
There has been a recent increase in reports of tax-related phishing e-mails that are made to appear as if they are coming from legitimate file sharing services. The scam e-mails may include familiar logos like Dropbox, Google Docs, or Microsoft OneDrive, and include a request to click on a link to view the tax documents. The link may go to a fake login page designed to capture login credentials. These scam e-mails may bypass e-mail filters because of the way they are crafted. In these cases, there is no attachment to be scanned. The embedded links may go through legitimate cloud-based services, and may not be detected as malicious.
By Joy Takaesu of The CPA Collective
Be wary of any incoming request for information, or requests to click on e- mail links. Scammers are trying to take advantage of a chaotic situation. Many workers have abruptly started working remotely due to the pandemic, and may not be able to easily double-check
requests in person. If you receive an e-mail that you’re unsure about, verify over the phone using a known, trusted
number when possible. If you receive a notification e-mail for a file sharing service that you trust, instead of clicking on the e-mail link, manually browse to the website (or use a bookmark), to ensure that you are going to the intended URL.
Even if people are working remotely, it’s important to continue to use best security practices. If someone at your organization signs up for new a service, such as file-sharing or virtual meeting software, make sure to only download any software from the official website, and make sure that the new account has a strong, unique password or pass phrase, and enable multi-factor authentication if available. Password re-use is dangerous because if a vendor is compromised, criminals may attempt to see if the same logins were used at any other websites.
For those using Microsoft Office 365 (O365), the Cybersecurity and Infra- structure Security Agency (CISA) has updated its technical recommendations for O365 security. Suggestions include enabling multi-factor authentication, disabling old authentication protocols, and enabling alerts for suspicious activ- ity. For details, please visit the CISA alert page for Microsoft Office 365 Security Recommendations.
If you have any questions or comments, please call me at (808) 837-2517, or send e-mail to [email protected].
HSCPA SEMINARS
UNLIMITED PACKAGESWEBINARS
All of our lives were altered by the COVID-19 crisis and the stay-at-home order here in Hawaii; whether we continued to go into the office to work, as an essential worker, or started working- from-home full-time. Hopefully as you’re reading this more of us are returning to our normal working arrangements, or more likely our “new normal”. As we transition to business life after COVID-19, what have we learned during our time in quaran- tine that we can incorporate into our new daily lives?
• Working from home – Before COVID-19 working from home was a special privilege for many of us. One that we valued and enjoyed. We may be a bit burnt out on working from home now, but it can be a very good thing in moderation. As we go back to our offices there will likely be a new blend of work-from-home options. The crisis has been called “the greatest work-from- home experiment” and many businesses have learned and adapted. Take this opportunity to talk with your supervisor and find the right blend of in-office/at-home for you.
• Gathering the best tools for the job – The stay-at-home order in Hawaii forced many of us into work-from-home arrangements that our businesses may not have been ready or properly equipped for. What was the one thing during quarantine that you felt really limited your productivity? Your home office may not have been originally set up for long-time, constant use. If your home office will become a bigger part of your work arrangement going forward, maybe it’s time to invest in the right equipment.
• Staying focused – We will always encounter competing priorities, but this time has confronted many of us with new challenges. If you’ve been practicing techniques that you’ve found success with at home, find ways to adapt those to the office – for example, distancing from social media, scheduling social or workout breaks, setting up suitable workspaces, or establishing new routines.
• Setting healthy boundaries between work and personal life – Our work and home lives blended together in a big way during
this time. It is always important to find a good way to unplug, power-off, and spend time “away from work” even if you can’t have physical distance. As work ramps back up, find ways to still delineate between work and your personal life. Try blocking out family or personal time on your calendar. It is easy to feel like we need to be available 24/7, but it is not always practical or healthy. Determine the right balance for you and be sure to communicate with your supervisor and colleagues.
• Setting a schedule that works for you – Even if you’re not required to punch a timeclock, many of us have felt the need to spend long hours in the office. Sometimes feeling that work only counts when someone sees you do it. The circumstances over the past few months have forced many of us (at all levels) to learn to self-regulate and be our own boss. Work has become much more fluid and we have been required to manage our own workloads and progress without as much oversight. Maybe you have found a less traditional work schedule that fits your needs. What better time to discuss that than now?
• Connecting with others – Many of us felt lonely or isolated during quarantine. We have all found new ways to connect with colleagues, clients, and friends. Even if some of us had used Teams or Zoom meetings before, use of these tools has now become almost mandatory. As we shift back to in-person meetings, be sure to integrate these new venues and choose the right setting for any gathering.
• Making time to get outside the office and enjoy the outdoors – Being “trapped” inside may have gotten to us, so as we re-emerge into the sunshine let’s savor it. Schedule a day/time to take a break and leave the office maybe just for a walk outside.
• Practicing cleanliness and good hygiene – We have all been bombarded with the reminders and instructions to wash our hands and keep from touching our faces. As we return to work, these are good practices to continue for our general health as we move forward.
Lessons from Quarantine By Jessica Gluck
KALA June 2020 19
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2020 Taxes of Hawaii – $27.00 / $36.00 Every year since 1964, this annual publication is updated with all new state taxa- tion laws and judicial rulings. Taxes of Hawaii is an invaluable tax-season tool used by Island and mainland CPAs, tax preparers and bookkeepers, as well as attorneys, small businesses, individual taxpayers and students. Includes income tax rate tables, specimen tax forms and vital information on income, General Ex- cise use, estate, property, unemployment, transient accommodations and other taxes.
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The Official Publication of the Hawaii Society of Certified Public Accountants
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The Official Publication of the Hawaii Society of Certified Public Accountants
This publication is designed to provide general information only, and should not be used as a substitute for professional advice. The authors and editors disclaim any liability for any loss or damage resulting from the use of any information or advice herein. Although a reasonable attempt has been made to be accurate, neither the HSCPA nor the authors and editors can guarantee that all information contained herein is correct as of the date of publication.
KALA (the Hawaiian word for money) is published monthly and is the official publication of the Hawai‘i Society of Certified Public Accountants. Please direct all inquiries regarding editorial content to HSCPA, 900 Fort Street Mall, Suite 850, Honolulu, Hawai‘i 96813.
Officers President Darryl K. Nitta
President-elect Edmund N. Nakano
Secretary/Treasurer Chad K. Funasaki
Adrian K. Hong
Frank T. Kudo
Nelson K. Lau
Trisha N. Nomura
Valerie M. Peralto (BIG ISLAND)
Immediate Past President Norman N. Okimoto
AICPA Council Darryl K. Nitta (Designated)
Ryan K. Suekawa (Elected)
Administrative Assistant Debbie Cortes
Graphic Design Underwood Graphics
Hawaii Society of CPAs 900 Fort Street Mall, Suite 850
P.O. Box 1754
Honolulu, Hawaii 96806
Tel: (808) 537-9475
Fax: (808) 537-3520
E-mail: [email protected]
Website: www.hscpa.org
In This Issue President’s Message ................................ 5 By Darryl K. Nitta
COVID-19 Webinar................................. 6 Managing your Job Loss........................... 8 Federal COVID Money........................... 10 By Tom Yamachika
Normalizing Remote Work.................... 12 By Sandra Wiley
60th Annual Conference....................... 14 HSCPA Webinars................................... 15 Norman’s Book Review........................ 16 CPA Firm Microcomputer Technology... 18 By Joy Takaesu
Y-CPA Buzz.......................................... 19 By Jill Ishimitsu
2020 Tax Book Orders......................... 20
4 KALA June 2020
HSCPA MEMBERS CAN VISIT:
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Dealing with COVID-19 quarantines and tax deadline delays has proven to be challenging for many CPAs and accounting firms. This is especially true for those firms that still accept physical checks and in-person payments from their clients.
As the Hawaii Society of CPAs member ben- efit partner for online payments, CPACharge is helping firms expand their client payment methods and stabilize their cash flow with online credit, debit, and eCheck payments. If you’d like to learn more about how your firm can do the same, we’re offering HSCPA members their first year (12 months) of program fees free (expires June 30th).
To learn more, visit cpacharge.com/hscpa or call us at 866-283-0402.
President’s Message By Darryl K. Nitta
“Embrace the New Normal” from a CPA Practice Advisor article written by Garrett Wagner
and provided to me by HSCPA President-elect Ed Nakano
I am truly honored to have been your Hawaii Society of CPAs President for the past two years. This is my last President’s Message, and by far, the most difficult part of being President was thinking of topics relevant to our profession and communicating that message in writing to everyone! While CPA mobility has yet to be ac- complished, we have accomplished a lot together as a group over my two-year ten- ure at the helm. Let’s take a quick look back at a few of our proud moments.
We started by re-writing the outdated 1932 mission statement that had one fatal flaw. The networking refer- ence to “social intercourse” definitely required removal and replacement. After the approval of the revised mission state- ment by the HSCPA Board of Directors, our highly intelligent and diverse mem- bership was poised to succeed for an- other 85 years in Hawaii as the primary professional organization for CPAs.
The last two accomplishments center around education. My grandparents always believed that education was the key to success. They had five children and committed every dime they earned to ensure each child had a private school education. For my grandparents, it was well worth the sacrifice to see their chil- dren rise above the poverty level that they grew up in as an immigrant family.
Speaking about the importance of educa-
tion, the HSCPA members’ generosity helped to establish the UH-West Oahu (UHWO) CPA Exam Review Course in 2019. The extremely committed profes- sors at UHWO have consistently increased their accounting graduates year after year. With the UHWO CPA Exam Review Course, those accounting graduates
will have a much higher likelihood of be- coming CPAs. The Review Course is a very valuable educational resource if the cur- rently declining CPA pipeline is to rebound.
The highlight of my Presidency was the establishment of the HSCPA Family Schol- arship Endowment. We “challenged” the membership back in 2018 and YOU responded in a huge way! Initial ‘seed’ funding through major contributions by Ed & Diane Nakano, C.S. Wo & Sons Foundation, and American Savings Bank, we created an endowment with the UH Foundation specifically for HSCPA members and their families. Additional funding was made by HSCPA members through the voluntary contributions at dues renewal. Education is so important
to our future success as a profession, and the HSCPA Family Scholarship Endow- ment is a great Legacy Gift to help stu- dents achieve their goals in accounting.
As I conclude my term as HSCPA Presi- dent, I would like to thank everyone for helping it go as smoothly as it did. The HSCPA membership for their support, the HSCPA Board of Directors for unwaver- ing volunteerism, Y-CPA Squad for not instituting mandatory retirement, Kathy & Debbie for unbelievable administrative guidance, C&Y CPAs LLC for the time to serve, and my family for understanding how important the HSCPA is to me. I am very pleased to hand the reins over to Ed Nakano for the next two years. He is a pillar of the CPA community and I can’t think of another person who has more passion for accounting than Ed. He will lead us into the “New Normal” and provide us with continuous insight as an organization. As I drift off into the sunset as a Past President, please continue to do your part to keep yourselves healthy, keep your co-workers healthy, and help minimize the spread of COVID-19. Be Safe, Stay Healthy, and All the Best to You and Your Families. Aloha!
Looking ahead: Ed Nakano is an avid reader of business articles. We will be lucky to get his insights and words of wisdom from a person who has been managing a local business in an ever- changing and challenging environment for many decades.
Mark Vogel, J.D., LL.M. Taxation, CPA
Mark A. Vogel is a retired
professor and director of the
University of Denver Graduate
he taught courses in individual,
fiduciary, tax accounting,
partnership, and corporate
Divorce Taxation Guide (John
Wiley & Sons) and Individual
and LL.M. in Taxation from the
University of Denver College of
Law and an undergraduate
accounting degree from the
University of Notre Dame. He is
also a CPA licensed in Illinois.
REGISTER HERE 6 KALA June 2020
The PPP form may not be as simple and well-organized as intended. This session will provide information you can use to assist your clients in completing the SBA Paycheck Protection Program (PPP) Loan Forgiveness form.
Learning Objectives:
• Determine who falls within the definition of an owner employee
• Determine what is included in payroll costs and non-payroll costs
• Calculate the reduction in an employee’s salary that is used in determining the maximum amount of PPP loan that will be forgiven and how to use the savings clause
• Calculate the reduction in FTE employees in determining the maximum amount of PPP loan that will be forgiven and how to use the savings clause to prevent the reduction
• Explain the entries on the PPP Loan form
• Calculate the bottom-line amount of the PPP loan that will be forgiven
• Explain the documentation required to be attached to the PPP Loan Forgiveness form when the form is submitted to the lender and the SBA for forgiveness
Learn more at dol.gov/FFCRA
You are following a federal, state, or local quarantine or stay-at-home order or
are quarantined by a health care provider
Up to two weeks or 80 hours of paid sick
leave at higher of regular rate or
minimum wage*
leave paid at 2/3 regular rate*
TIME OFF
Up to two weeks or 80 hours of paid sick leave at higher of 2/3
regular rate or minimum wage*
TIME OFF
TIME OFF
You must care for your child whose school, child care
provider, or place of care is unavailable due to COVID-19
You’ve been employed at least 30 calendar days
OR
OR
AND
You have COVID-19 symptoms and are seeking a diagnosis
You must care for your child whose school, child care provider, or place of care is unavailable due to COVID-19
*Paid leave is capped at specific maximum amounts per worker
How much paid leave can
employees take? In general, applies to you if you are an employee of either a private employer with
fewer than 500 employees or a covered public sector employer
You must care for someone under a federal, state,
or local quarantine or stay-at-home order or are quarantined by a health care provider
Quick BENEFITS TIPS FROM DOL
KALA June 2020 7
8 KALA June 2020
Revise your budget and spending
It’s important to start considering your spending and budgeting. Cut the easy ex- penses, such as dining out or a daily cup of coffee and make sure you’re not being charged for services you can no longer use, such as gym memberships, children’s summer camps or sports leagues, or season passes to performances or amusement parks. You may also find smaller savings that will add up if you review cable, phone and internet plans or subscription services.
Check to see if your state or community has implemented rent freezes or talk with your landlord about reducing or deferring payment. You might also consider moving in with friends or family temporarily or taking in a roommate, if feasible. If you have debt, such as a mortgage, car loan or credit card, reach out to your lender to see about loan forbear- ance or interest rate reductions. Current- ly, the federal government has deferred payments and interest accrual on federal student loans. If you can pay those, con- tinue doing so as it will cut down on the interest paid over the life of the loan.
Start your 2020 tax planning
The federal government and [STATE] tax unemployment benefits as ordinary income (like wages), but you do not have to pay Social Security and Medicare
More than 30 million Americans have lost their jobs so far this year. The COVID-19 virus is still a threat and the economy will take time to recover. Things may seem scary or bleak right now, but CPAs from the [STATE] Society of CPAs have tips to help you minimize the financial damage and prepare for a new position and opportunities.
Fill the income gap
There are a few sources of income to consider, including any severance, unpaid time, unemployment benefits and part-time work. Before you leave your current position, ask about severance benefits and compensation for unused vacation or sick days. Details are likely clarified in your employee handbook.
Apply for unemployment benefits imme- diately; it may take some time before you
start receiving benefits. Learn about the process at the Department of Labor’s site labor.hawaii.gov and huiclaims.ha- waii.gov/#. Unemployment benefits last 26 weeks. Also, the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act supplements state unemployment with $600 per week for up to four months. Keep in mind that you can’t receive unemployment benefits if you quit or were fired due to a performance or other problem.
Also look to temporary or part-time positions or start your own business. It will be trickier due to the impact of the current environment, but there may be some options. The Small Business Administration has programs that offer advice to people who want to start their own businesses.
Run the numbers for your 2019 tax return and file your taxes now if you are owed a refund. And be sure to collect your federal Economic Impact Grant, aka “Stimulus check.” The federal govern- ment will automatically deposit payments into the accounts for those who use direct deposit for their taxes. Others will receive checks by mail. You can check the status of your payment at irs.gov.
Managing your Job Loss
Hawaii Practices For Sale Gross revenues shown: Hilo Tax & Accounting $34K - tax work (85%) accounting services (15%); Honolulu CPA Tax $266K - tax work (70%), bookkeeping (20%). For more information, please call 1-800-397-0249 or to see listing details and register for free email updates visit www.APS.net.
Thinking of Selling Your Practice? Accounting Practice Sales is the leading marketer of accounting and tax practices in North America. We have a large pool of buyers looking for practices now. We also have the experience to help you find the right fit for your firm and negotiate the best price and terms. To learn more about our risk-free and confidential services, call Ryan Pannell with The Holmes Group at 1-800-397-0249 or email [email protected].
KALA June 2020 9
taxes. Avoid a surprise tax bill by having up to 10% of your unemployment benefit withheld. You can ask to have taxes withheld when you apply for benefits, or you can file IRS Form W-4V, Voluntary Withholding with your state unemploy- ment office. You’ll receive a Form 1099-G from your state unemployment division next January reporting the total unemployment com- pensation you received for 2020 (and whether you had any state or federal tax withheld from your payments), which you’ll report on Schedule 1 of your 1040 when you file your federal income taxes.
Look for a new job
The job market may be difficult to navi- gate right now, but you should still start your job search. Update your resume
and post it to online job search sites and reach out to all contacts who may be able to help with a job, including col- leagues or supervisors from past posi- tions. Be prepared to talk about the skills and expertise you can offer. Also, join or become more active in professional networks or associations in your field to stay current and make new contacts. In addition, the Department of Labor also offers many resources for job seekers.
Remember, more than 11,000 small businesses in Hawaii have applied for Paycheck Protection Program loans through the CARES Act and must have the same employee headcount on June 30 as prior to the pandemic for loan forgive- ness. So many small businesses will be rehiring.
Look after your mental health
It’s important to remind yourself of the value of taking a break and enjoying yourself. If you give yourself the chance to relax and have fun some of the time, your job search will seem easier. Social opportunities may be limited, but there are still several things you can do to re- main active. Consider taking a jog, walk- ing the dog or riding bikes with children, or use this time to read a new book, develop new skills or learn another language. Free apps, websites and videos can help you refine the skills you have or learn some new ones haven’t had the time to develop. Some of these skills may prove useful in finding a new position or career path.
10 KALA June 2020
Last week our Legislature recessed after working on one of its important tasks: figuring out how to spend $1 billion of federal money that is being made available to Hawaii under the CARES Act.
This federal money is being made available for expenditures that are (1) necessary and incurred due to the CO- VID-19 public health emergency, (2) not budgeted for as of March 27, 2020, and (3) incurred before December 31, 2020.
Senate Bill 75, House Draft 1, gave the
Federal COVID Money
By Tom Yamachika
Neighbor Islands a share of that money because only Honolulu received a direct allocation of federal funds; gave a few state agencies some money for state CO- VID response; and then squirreled away the balance, about $636 million, into the emergency and budget reserve fund (also known as the “rainy-day fund”).
Why was it put there? According to Sena- tor Thielen’s article in Civil Beat, it was put there so the governor couldn’t touch it. Apparently, the plan is for the Leg- islature to recess until mid-June, come back into session, and then appropri- ate the balance of the money so it can
be spent by the end of the year. Senate Bill 75 requires that the money go to a new, separate account within the rainy- day fund, which perhaps would make it easier to say that expenditures out of this account came from the COVID-19 money rather than the $395 million that is already in the fund.
Some have pointed out that the rainy- day fund statute, HRS section 328L-3, not only prevents the money from being spent by the Executive Branch without a legislative appropriation, but also pre- vents the Legislature from appropriating more than 50% of the total balance of the
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Tom Yamachika is President of the Tax Foundation of Hawaii - the ‘watchdog’ that keeps an eye on Hawaii’s taxes. Tom is also the owner of Aloha State Tax, a small law firm with emphasis on State taxes. Prior to going solo and the TFH, Tom was a principal with Accuity LLP where he managed the tax consulting practice, including quality and risk manage- ment and practice development.
Reimaging the profession. Now more than ever, the accounting profession needs to reimagine. That means looking beyond chaos to find opportunity in a new and better normal.
View this video clip from the virtual 2020 AICPA Spring Council Meeting.
fund in a fiscal year. True; if that statute is left alone, it would prevent the Legis- lature from using all the federal money, which would result in forfeiture of some of the federal funds that have been set aside for Hawaii. Thus, the Legislature’s plan must be to also amend the rainy-day fund statute in some way to allow the appropriation. Can they do this? Sure, if the Governor is willing to sign the result- ing appropriation bill.
But remember that the Governor doesn’t have to play by the rules either. We have seen that he isn’t shy about using his emergency powers to suspend laws. His most recent Eighth Supplementary Proc- lamation has a list of suspended laws that is 20 pages long, and we have already written about how this Governor has
suspended a law that affected distribution of tax revenues to take control of moneys that the Legislature had earmarked for the counties. If push came to shove, he could easily suspend the rainy day fund statute and take control of that money as well, relying, perhaps, on HRS section 26-8 which gives the Department of Bud- get and Finance custody of all state funds.
What all of this means is that the Gover- nor, the Legislature, or both could get into a big, messy argument on how to best use the billion dollars that our federal govern- ment has graciously provided. We need to remember that if we don’t reach agree- ment on how to use this money, and then actually use it, by the end of this calendar year that the money will return to (or stay in) the United States Treasury. We can
park the money in the rainy-day fund as a short-term solution, but we don’t have time to argue about it! We need both par- ties to come to the table, come to some agreements and understandings on how best to use this money toward helping the general welfare of this State, and then do it before time runs out.
12 KALA June 2020
It seems hard to believe right now, but just a few months ago, people were arguing that remote work couldn’t be efficient or effective in an accounting firm. Recent events put that theory to the test, and many of those naysayers have changed their tune. Still, it’s essential to consider that even as states and offices reopen, we won’t be going back to “business as usual.”
The nature of work has changed, so now is the time to make remote work the norm!
Why remote work works
Engaged employees are the name of the game if your firm wants to hold on to tal- ent and keep them happy and productive. A study from Stanford University found that compared to employees who came into the office, remote workers were more content, more likely to stay with their employer, and more productive.
Of course, it’s not just about keeping your current team happy. We all know how difficult it has been to recruit talent for the past several years. With remote work, your firm can start building bridges to candidates in other cities and hire the best people without geography standing in the way.
It also allows you to tap into talent be- yond the traditional employer/employee paradigm. The number of self-employed people, independent contractors and gig workers is soaring. For many talented, driven individuals, the idea of answering to a boss and working on someone else’s schedule just doesn’t appeal. They want more flexibility and control over what they
do, when they do it, and who they do it for.
This actually benefits forward-thinking firms that need professionals with very specific skill sets and talents, but don’t have enough work to justify bringing someone on full-time. This includes ac- countants as well as other professionals such as wealth management, marketing, human resources, and other niche pro- fessionals who will make up consulting teams moving forward.
Supporting a distributed workforce
As many firms have learned over the past couple of months, working with remote teams isn’t as simple as handing everyone a laptop. If having your employees work- ing from home recently was challenging, the problem was likely a failure to set ex-
pectations rather than remote work itself.
With a remote team, you’re forced to set objectives and establish key performance indicators and communication frame- works. You can’t measure an employee’s productivity by the fact that you’ve seen them working long hours in the office. It’s easy to feel like your on-site team has accountability for just showing up, but directions are less tangible when people are working off-site.
Here are some strategies and tools you should consider when establishing your remote work policies.
• Decide how you’ll measure productivity. Some people are incredibly disciplined when working remotely. Others need the accountability
KALA June 2020 13
of “clocking in” and making sure they avoid distractions. Whether you track billable hours or the number of engagements or tasks completed, it’s crucial to set expectations and have a method for holding people accountable. What are the key indicators of success for each engagement or project? Get transparency around this, so you’ll know quickly whether individuals are productive or not.
• Standard processes. Without processes, work can easily fall through the cracks. When everyone is in the office, you can compensate to some degree for not having standardized processes simply because people can talk in person and look over each other’s shoulders. In a distributed team, people might develop their own processes and procedures that don’t mesh with the way other people work, which leads to inefficiency and errors. Have a documented, standardized way of working that everyone follows.
• Flexibility with consistency. One of the perks of remote work is being able to work anytime, anywhere, and integrate work and life. An early riser might enjoy sitting down to work at 5 a.m. when they’re most productive. A parent might log off at 5 p.m. but get back online to work for a couple of hours after the children go to bed. It’s important to allow a degree of flexibility, but you also need some consistency. Many firms establish “core hours” that require their team members to be available between, say 10 a.m. and 3 p.m. but allow flexibility outside of that timeframe. This gives
you a shared collaboration window when all of your team is online at the same time and available for meetings or quick questions.
• Promote “water cooler chat.” One of the problems some people face with remote work is feeling lonely or isolated. You need to compensate for the fact that team members aren’t bumping into each other in the breakroom and having casual conversations that help them get to know each other and feel like a part of the team. If you’re not intentional about this, people tend to live in their own world. Use communication tools like Slack or Microsoft Teams and create opportunities for team members to chat formally and informally. You might schedule “coworking hours,” where remote employees spend an hour or so on a Zoom meeting talking while they work. You could have weekly Microsoft Teams chats about weekend plans, what people are reading or watching and other topics.
• Choose the right communication channel. With a distributed team, you need to make sure everyone is communicating enough without it becoming distracting and overwhelming. Having policies for when to use each communication channel helps. For example, you might decide:
Email is for sharing information that doesn’t need an answer, or warrants a response, but not right away. Chat programs are great for quick ques- tions and informal chats.
Sandra Wiley, President of Boomer Consulting, Inc., is a leader in the accounting profession with a passion for helping firms grow, adapt and thrive. She is regularly recognized by Accounting Today as one of the 100 Most Influential People in Accounting as a result of her expertise in leader- ship, management, collaboration, culture building, talent and training.
Video conferencing is for longer back- and-forth conversations or potentially difficult conversations like addressing performance problems.
Project management and workflow tools are for assigning work and delivering feedback. This keeps the conversation organized so you can reference and refer to it later on.
• Set regular meetings. Set weekly video conference meetings within each team to help people feel connected. These regular meetings also help minimize back and forth emails during the week, as people can store up non-urgent questions and handle them all at once. It also helps to hold in-person “all hands” meetings at least once a year.
Remote work is here to stay, so the better you understand the needs and challenges of remote employees, the better prepared you’ll be for the future. I’ve found that building in these remote strategies tends to keep people on the team, and there’s nothing better for productivity than a team that sticks together.
14 KALA June 2020
KALA June 2020 15
We’re still here for you! VIRTUAL EVENTS
Don’t miss our offerings of online events! See a list of all upcoming events with dates, times, guest speaker bio, and more.
August 4 - Understanding State Law - Compliance Guide Hawaii Death Taxation (8:30 a.m. - 12 noon) This course outlines the details surrounding Estate and Inheritance taxes and the differen- tials pertaining to Hawaii. This course will highlight Hawaii’s death tax: Hawaii estate tax exemptions; IRC sections 2031-2058; estate tax exemption portability; tax return Form 706.
August 25 - Individual Tax Planning Ideas (8:30 a.m. - 12 noon) With the far-reaching changes brought about by recent tax reform, careful planning takes on new importance. This course presents the most important income tax planning ideas wealthy clients and close-held business owners need to consider this year to take advantage of the present and plan for the future. It highlights areas in the income tax return that suggest future opportunities for the individual client.
August 25 - Required Minimum Distributions: Compliance and Planning (12:30 - 4:00 p.m.) Required minimum distributions (RMDs) from employer requirement plans and IRAs must be made or steep penal- ties will be incurred. Planning opportunities exist in certain situations to minimize distributions. Also, special rules exist for inherited retirement funds. Your clients depend on you to help them navigate the rules regarding RMDs and the taxation of distributions.
August 26 - Key Partnership and S Corporation Tax Planning Strategies (8:30 a.m. - 12 noon) Most of our clients are pass-through entities for which many of the general business strategies are subject to additional limitations. To provide the tax planning strategies for closely-held business clients that will bring more revenue, this course focuses on the special concerns and techniques the practitioner needs to thrive in this market.
August 26 - Buying and Selling a Business: Tax and Structuring Overview (12:30 - 4:00 p.m.) One of the major transactions CPA clients enter into is a purchase or disposition of a business. This course offers a comprehensive analysis of the business and tax aspects of buying and selling a business. All CPAs, including controllers and executives in the industry, should understand how difficult the process of buying and selling a business has become.
August 27 - Section 199A: Applications and Challenges (8:30 a.m. - 12 noon) Section 199A continues to challenge tax practitioners because of its complexity and its interactions with other provisions of the Internal Revenue Code. This program incorporates the experiences of tax practitioners regarding this provision, including relating to the preparation of the Forms 8995 and 8995-A, and will include any recent IRS guidance regarding Section 199A.
August 27 - Section 199A: Schedule K-1 Reporting by Relevant Passthrough Entities (12:30 to 4:00 p.m.) Section 199A is the hottest tax topic related to the Tax Cuts and Jobs Act of 2017. The IRS has added disclosure lines to Schedules K-1 for S corporations, partnerships, and trusts. This course will cover the new reporting requirements on those forms and discuss uncertainties that still exist related to the reporting requirements.
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by Yongey Mingyur Rinpoche
16 KALA June 2020
Another one of my “hall of fame” books that can help us get through this COVID-19 pandemic is “The Joy of Living,” authored by the “happiest man in the world” Yongey Mingyur Rinpoche. Rinpoche is a famous Tibetan Buddhist teacher. I reviewed his book in May 2012 and I still incorporate many of the things I read into how I live my life now. With so much more free time on our hands and more uncertainty, challenges and fear in our lives, this book can help us be happier and calmer. I learned how to easily meditate from the book, and it has helped me and others reduce our daily stress levels.
In addition to my book review from 2012 below, Rinpoche has several videos online you can access and watch. The following is a link to his message on the COVID-19 outbreak (COVID-19: Transforming Fear & Anxiety), and the following are links to how to meditate (A Guided Medita- tion on the Body, Space, and Aware- ness with Yongey) and (5 Simple Tips About Meditation with Yongey)
Most CPAs breathe a collective sigh of relief with the end of tax season, after the last tax return or extension is filed. The dedication and long hours to complete our clients, families, friends and personal tax returns stress our personal health and lives. Under this backdrop, I was very
intrigued by the title and picture of this book, and thought it would be perfect for this month’s KALA, right after tax season.
The author is a world-renowned Bud- dhist teacher, often referred to as the “happiest man in the world.” I thought it would be interesting to read how we can be happier and find more joy in living. This book definitely was a BIG WOW!!! I couldn’t believe how informative, insightful, thought provoking, and life changing it was. It became one of my favorites of all-time books and has had a positive effect on how I live my life everyday now. Do I feel hap- pier? Yes! Do I feel calmer? Yes! Am I more thankful for my life? Yes! Here are some of the more interesting thoughts and observations from the book.
The Importance of Laughter Since the essence of ordinary life is suffering, the most effective antidote is laughter, especially laughter at oneself. Your life experiences become brighter, once you learn how to laugh at yourself.
The Importance of Giving Whatever degree a person commits to
the welfare of others, he or she is repaid a thousand fold by opportunities for learning and advancement. Every kind word, every smile you offer someone who might be having a bad day comes back to you in ways you’d never expect.
Repeated Experience Can Change The Way The Brain Works If you put your mind to it, you can elimi- nate mental habits conducive to unhap- piness, and develop habits to achieve happiness. The mind is the source of all experience, and by changing the direction of the mind, we can change the quality of everything we experience.
The Basic Concern Shared By Everyone The basic concern shared by all beings is the desire to be happy and to avoid suffering. Although each of us may have a different strategy, when you think about it, we are all working for the same result. This is our true nature.
Accordingly, when someone acts a certain way or says something we don’t agree with, we have a better understand- ing of the situation and that person’s motivation.
What Is Meditation And Why Is It So Important Meditation in its simplest form is when
KALA June 2020 17
you rest your attention on whatever’s going on in your mind at any given time. All we have to do is rest our mind in its natural openness. No special focus or effort is required. The book goes into good detail on the different ways to meditate. It is much easier than most people think.
Once we gain a better understanding of our mind, our hearts will open up to others like flowers blossoming, we become better listeners, more aware of everything going on around us, and we are able to respond more spontaneous- ly and appropriately to situations that used to trouble or confuse us. Gradu- ally we will find ourselves awakening to a free, clear, and loving state of mind beyond our wildest dreams.
Compassion The more we see things as they are, the more willing and able we become to open our hearts toward others. When we see others experience pain and unhappiness, we are spontaneously moved by a profound wish for them to experience the same sense of peace and clarity that we’ve come to know.
Compassion is the spontaneous wisdom of the heart. It’s always with us…it always has been and always will be.
Happy Mind, Healthy Body Studies have shown there is a strong link between positive mental states and a reduction in the risk or intensity of
various physical diseases. Higher levels of hope and curiosity were associated with a lesser likelihood of having or de- veloping diabetes, high blood pressure, and respiratory tract infections.
Choosing To Be Happy Once we become more aware of our- selves through meditation, we will see
“If there is any religion that would cope with modern scientific needs, it would be Buddhism.”
(Albert Einstein)
“There is real wisdom here. Fresh and clear. Read this book.” (Richard Gere)
changes in ourselves. Things that used to bother us gradually lose their power to upset us, we will become intuitively wiser, more relaxed, and more openhearted. We’ll look at obstacles as opportunities for further growth. We will discover the true grandeur of who and what we are. Best of all, we will start to see our poten- tial and the potential of others.
18 KALA June 2020
There has been a recent increase in reports of tax-related phishing e-mails that are made to appear as if they are coming from legitimate file sharing services. The scam e-mails may include familiar logos like Dropbox, Google Docs, or Microsoft OneDrive, and include a request to click on a link to view the tax documents. The link may go to a fake login page designed to capture login credentials. These scam e-mails may bypass e-mail filters because of the way they are crafted. In these cases, there is no attachment to be scanned. The embedded links may go through legitimate cloud-based services, and may not be detected as malicious.
By Joy Takaesu of The CPA Collective
Be wary of any incoming request for information, or requests to click on e- mail links. Scammers are trying to take advantage of a chaotic situation. Many workers have abruptly started working remotely due to the pandemic, and may not be able to easily double-check
requests in person. If you receive an e-mail that you’re unsure about, verify over the phone using a known, trusted
number when possible. If you receive a notification e-mail for a file sharing service that you trust, instead of clicking on the e-mail link, manually browse to the website (or use a bookmark), to ensure that you are going to the intended URL.
Even if people are working remotely, it’s important to continue to use best security practices. If someone at your organization signs up for new a service, such as file-sharing or virtual meeting software, make sure to only download any software from the official website, and make sure that the new account has a strong, unique password or pass phrase, and enable multi-factor authentication if available. Password re-use is dangerous because if a vendor is compromised, criminals may attempt to see if the same logins were used at any other websites.
For those using Microsoft Office 365 (O365), the Cybersecurity and Infra- structure Security Agency (CISA) has updated its technical recommendations for O365 security. Suggestions include enabling multi-factor authentication, disabling old authentication protocols, and enabling alerts for suspicious activ- ity. For details, please visit the CISA alert page for Microsoft Office 365 Security Recommendations.
If you have any questions or comments, please call me at (808) 837-2517, or send e-mail to [email protected].
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All of our lives were altered by the COVID-19 crisis and the stay-at-home order here in Hawaii; whether we continued to go into the office to work, as an essential worker, or started working- from-home full-time. Hopefully as you’re reading this more of us are returning to our normal working arrangements, or more likely our “new normal”. As we transition to business life after COVID-19, what have we learned during our time in quaran- tine that we can incorporate into our new daily lives?
• Working from home – Before COVID-19 working from home was a special privilege for many of us. One that we valued and enjoyed. We may be a bit burnt out on working from home now, but it can be a very good thing in moderation. As we go back to our offices there will likely be a new blend of work-from-home options. The crisis has been called “the greatest work-from- home experiment” and many businesses have learned and adapted. Take this opportunity to talk with your supervisor and find the right blend of in-office/at-home for you.
• Gathering the best tools for the job – The stay-at-home order in Hawaii forced many of us into work-from-home arrangements that our businesses may not have been ready or properly equipped for. What was the one thing during quarantine that you felt really limited your productivity? Your home office may not have been originally set up for long-time, constant use. If your home office will become a bigger part of your work arrangement going forward, maybe it’s time to invest in the right equipment.
• Staying focused – We will always encounter competing priorities, but this time has confronted many of us with new challenges. If you’ve been practicing techniques that you’ve found success with at home, find ways to adapt those to the office – for example, distancing from social media, scheduling social or workout breaks, setting up suitable workspaces, or establishing new routines.
• Setting healthy boundaries between work and personal life – Our work and home lives blended together in a big way during
this time. It is always important to find a good way to unplug, power-off, and spend time “away from work” even if you can’t have physical distance. As work ramps back up, find ways to still delineate between work and your personal life. Try blocking out family or personal time on your calendar. It is easy to feel like we need to be available 24/7, but it is not always practical or healthy. Determine the right balance for you and be sure to communicate with your supervisor and colleagues.
• Setting a schedule that works for you – Even if you’re not required to punch a timeclock, many of us have felt the need to spend long hours in the office. Sometimes feeling that work only counts when someone sees you do it. The circumstances over the past few months have forced many of us (at all levels) to learn to self-regulate and be our own boss. Work has become much more fluid and we have been required to manage our own workloads and progress without as much oversight. Maybe you have found a less traditional work schedule that fits your needs. What better time to discuss that than now?
• Connecting with others – Many of us felt lonely or isolated during quarantine. We have all found new ways to connect with colleagues, clients, and friends. Even if some of us had used Teams or Zoom meetings before, use of these tools has now become almost mandatory. As we shift back to in-person meetings, be sure to integrate these new venues and choose the right setting for any gathering.
• Making time to get outside the office and enjoy the outdoors – Being “trapped” inside may have gotten to us, so as we re-emerge into the sunshine let’s savor it. Schedule a day/time to take a break and leave the office maybe just for a walk outside.
• Practicing cleanliness and good hygiene – We have all been bombarded with the reminders and instructions to wash our hands and keep from touching our faces. As we return to work, these are good practices to continue for our general health as we move forward.
Lessons from Quarantine By Jessica Gluck
KALA June 2020 19
2020 RIA Federal Tax Handbook – $65.00 / $85.00 You'll get specific guidance on key tax topics, including individual, trust, partnership and corporate taxation, deductions, credits, capital gains, IRAs, SIMPLE and pension plans, education incentives, passive activity losses, the Code Sec. 199A “pass-through” deduction for qualified busi- ness income, employee benefits, estate and gift taxes, and more.
2020 Taxes of Hawaii – $27.00 / $36.00 Every year since 1964, this annual publication is updated with all new state taxa- tion laws and judicial rulings. Taxes of Hawaii is an invaluable tax-season tool used by Island and mainland CPAs, tax preparers and bookkeepers, as well as attorneys, small businesses, individual taxpayers and students. Includes income tax rate tables, specimen tax forms and vital information on income, General Ex- cise use, estate, property, unemployment, transient accommodations and other taxes.
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2020 CCH U.S. Master Tax Guide – $78.00 / $98.00 The nation’s top federal tax resource, the U.S. Master Tax Guide® (2020), has been updated to provide complete and reliable guidance on the historic Tax Cuts and Jobs Act, as well as pertinent federal taxation changes that affect 2018 returns. Virtually all taxpayers are impacted by the changes to the U.S. tax structure, with individual taxpayers and busi- nesses witnessing the most significant changes.
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